OPEC is at war – and it’s sending shockwaves around the world
“The Saudis are hell bent on continuing robust output to crowd out higher-cost producers in the U.S. and elsewhere. As of Friday, OPEC’s output is effectively unchanged at near-record high levels.
Saudi Arabia was joined by a powerful group of affluent Gulf states, including Kuwait, Qatar and the United Arab Emirates.
Less-affluent OPEC members, desperate to lift oil prices stuck at $40 a barrel, had been begging for an output cut. These dissenters include Algeria, Angola, Nigeria and Venezuela, which warns oil could sink to $30 a barrel if OPEC doesn’t act”